SC Johnson & Son, Inc., Reckitt Benckiser Plc., and Procter & Gamble Co. held a collective share of 60% for air care products in 2014. While they do hold the majority of the market value together, the number of regional players offering air care products is still very high. Most of the manufacturers of air care products are beginning to focus on attractive market segments such as candle air fresheners. This is due to a growing concern over environmental issues and the consequent reduction in the use of aerosols and sprays.
Candle air fresheners provide one of the most eco-friendly air care means, which is making them highly preferred in many regions. According to a new publication by Transparency Market Research, other products such as beads, plug-ins, and oils are also gaining popularity due to advancements in technology that make it feasible to sell these items on a large scale.
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Globally Improving Living Standards and Increasing Air Pollution Push Air Care Product Sales
“A lot of countries are showing a very positive rate of development,” states a TMR analyst. “The quality of life in Asia Pacific, for instance, is fast improving, and the disposable income that individuals hold is increasing as well. This is turning many consumers towards retail markets such as air care products for their cars and their homes, thus adding a significant weight to the demand for air care products on a global level.”
Asia Pacific and Latin America are most visibly showing high economic growth rates and preference for a wide array of air care products. This also applies to countries from other regions such as Egypt, where the massive amounts of dust in the air is creating an equally high demand for air care products.
Substitute Products Expected to Continue Slowing Air Care Product Sales
A lot of countries, especially from the economically developing regions, still make use of homemade or locally produced dried herbs, flowers, and plant essences for fragrances and air cleansing. These are direct substitutes of air care products and are therefore reducing the effective consumer base for them.
The impact of substitute usage is expected to remain high between 2015 and 2024 owing to their lower costs and the current lack of awareness of the diverse range of air care products.
Europe Could Lose Leading Position to APAC in Air Care Products Revenue
Expanding at a predicted CAGR of 2.6% within a forecast period from 2015 to 2024, the global market for air care products is expected to reach US$11.7 bn by the end of 2024. By the end of 2016, its revenue is expected to reach US$10.5 bn.
Europe is the leading consumer region of air care products in the world for now. By 2024, it is expected to reach US$3.68 bn in revenue, but will most likely be overtaken by Asia Pacific thanks to the rapidly increasing demand for air care products in this region.
The retail sales of air care products exceed B2B sales by a huge margin. By the end of 2024, the overall retail sales of air care products are expected to reach US$11.28 bn. The demand for spray or aerosol air fresheners is expected to remain high till 2024. It will end up reaching US$3.94 bn in revenue by the end of 2024.
The information presented in this review is based on a Transparency Market Research report, titled, “Air Care Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2024.”
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Key Takeaways:
- Aerosol and spray air fresheners are expected to lead the market revenue till 2024, expected to reach US$3.94 bn in 2024
- Retail sales of air care products are expected to generate US$11.28 bn in revenue by 2024
- Asia Pacific air care demand expected to create revenues worth US$3.72 bn by 2024.
Key Segments of the Global Air Care Market
Global Air Care Products Market, by Type
- Electric Air Fresheners
- Candle Air Fresheners
- Liquid Air Fresheners
- Gel Air Fresheners
- Spray/aerosol Air Fresheners
- Others
Global Air Care Products Market, by Distribution Channel
- Retail
- Business-to-business
Global Air Care Products Market, by Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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